100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
FIN 320F Exam 1 Study Guide with Complete and Verified Solutions $11.49   Add to cart

Exam (elaborations)

FIN 320F Exam 1 Study Guide with Complete and Verified Solutions

 2 views  0 purchase
  • Course
  • FIN 320F
  • Institution
  • FIN 320F

FIN 320F Exam 1 Study Guide with Complete and Verified Solutions Incentives - Answer️️ -Humans are evaluative: they evaluate potential courses of action by considering the positive and negative consequences of their actions Humans are Imperfectly Maximizing - Answer️️ -We play many diff...

[Show more]

Preview 3 out of 28  pages

  • September 15, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FIN 320F
  • FIN 320F
avatar-seller
SophiaBennett
©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/11/24 2024/2025

, ©SOPHIABENNETT 2024/2025 9:45 AM



FIN 320F Exam 1 Study Guide with
Complete and Verified Solutions


Incentives - Answer✔️✔️-Humans are evaluative: they evaluate potential courses of

action by considering the positive and negative consequences of their actions


Humans are Imperfectly Maximizing - Answer✔️✔️-We play many different roles in our

daily lives: student, mentor, husband, wife, significant other, worker, supervisor, family

member, friend, citizen, customer, and more! In these different roles we make many

decisions and seek to maximize our overall welfare resulting from these cumulative

decisions



Limited Resources: Time. Wealth, information, knowledge,

Positive incentives - Answer✔️✔️-___ motivate humans to take a course of action



Wealth, Family, Prestige, Self-Worth and Spirituality

Negative incentives - Answer✔️✔️-___ motivate humans to avoid taking a course of

action



Legal Sanctions. Loss of Money, Social Sanctions, Physical Sanctions

Imperfections - Answer✔️✔️-Humans, as best they can, seek to maximize their welfare;

however, humans lack the ability to get, absorb, or understand all information


Page | 1

, ©SOPHIABENNETT 2024/2025 9:45 AM


Resources - Answer✔️✔️-Physical or intangible assets that can be used to accomplish a

goal. ___ are limited and decision makers are also constrained in their decision making

by the resources available

Resourcefulness - Answer✔️✔️-Despite their limits humans operate in creative ways to

expand their set of positive incentives and minimize the impact of negative incentives

Confirmation Bias - Answer✔️✔️-The tendency to process information by looking for, or

interpreting information that is consistent with one's existing beliefs

Economic activity - Answer✔️✔️-The production, distribution and consumption of

economic assets

Economic assets - Answer✔️✔️-Assets functioning as stores of value and over which

ownership rights are enforced by institutional units, individually or collectively, and from

which economic benefits may be derived by their owners by holding them, or using

them, over a period of time

Property rights - Answer✔️✔️-The right to control an asset. This control includes how the

property should be used, how the benefits from this use are distributed, and the ability

to dispose of the asset.

Efficiency - Answer✔️✔️-Getting the most output from scarce productive resources

Fairness - Answer✔️✔️-The concept that all humans have value and should be treated

equally and with respect. This implies a decent standard of living through the adequate

access to economic assets

Socialism - Answer✔️✔️-A governmental system with a collective or governmental control

of property rights.


Page | 2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80202 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart